Inventory Gains Slow Down in January: Realtor.com® Monthly Housing Report

Rhea-AI Summary

Realtor.com (NYSE:NWS) reports inventory gains slowed in January 2026: active listings rose 10.0% year‑over‑year but the recovery weakened for nine months, leaving national supply 17.2% below 2017–2019 norms. Median list price held near $399,900 and price per sq. ft. dipped 1.6% YoY.

Buyer activity edged up with pending sales +1.2% YoY; homes spent a median of 78 days on market. Regional results varied: the West led inventory gains, while 30 of the 50 largest metros regressed relative to pre‑pandemic supply since last spring.

Positive

• Active listings +10.0% YoY, extending 27 months of gains
• Median list price essentially unchanged at $399,900
• Seattle active listings +32.5% YoY among largest metro gains

Negative

• National supply remains 17.2% below 2017–2019 pre‑pandemic norms
• Inventory recovery has slowed for nine consecutive months
• Median list price per sq.ft. down 1.6% year‑over‑year

Key Figures

Median listing price: $399,900 Active listings: 912,696 Active listings YoY change: 10.0% +5 more

8 metrics

Median listing price $399,900 U.S. national, January 2026

Active listings 912,696 U.S. national, January 2026

Active listings YoY change 10.0% January 2026 vs January 2025

Supply vs 2017–2019 norms -17.2% Active listings vs 2017–2019 typical levels

New listings 329,228 U.S. national, January 2026

Median days on market 78 days U.S. national, January 2026

Pending home sales YoY 1.2% January pending home sales vs prior year

Inventory gain streak 27 months Consecutive YoY increases in active listings

Market Reality Check

Price: $24.69 Vol: Volume 3,272,795 is 2.65×...

high vol

$24.69 Last Close

Volume Volume 3,272,795 is 2.65× the 20-day average of 1,233,176 shares. high

Technical Price at $28.09 is trading below the 200-day MA of $31.74, and is 21.05% below the 52-week high of $35.58.

Peers on Argus

NWS fell 2.6% on elevated volume while peers were mixed: NWSA was roughly flat (...

NWS fell 2.6% on elevated volume while peers were mixed: NWSA was roughly flat (-0.24%), WMG and ROKU declined (-1.05%, -1.34%), TKO rose (+1.06%), and FOXA dropped sharply (-5.93%). This points to stock‑specific or company‑complex dynamics rather than a uniform sector move.

Historical Context

5 past events · Latest: Jan 27 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 27	HOA fee study	Neutral	-0.6%	Realtor.com reported rising prevalence and costs of HOA fees nationwide.
Jan 26	New publication launch	Neutral	-0.3%	Announcement related to launch of The California Post under News Corp umbrella.
Jan 26	Luxury housing data	Neutral	-0.3%	Realtor.com shared late‑2025 luxury price thresholds and metro‑level disparities.
Jan 21	Product platform launch	Positive	+0.5%	Launch of Realtor.com®+™, a collaborative search platform with broad MLS reach.
Jan 20	Earnings date notice	Neutral	+0.5%	Company scheduled Fiscal 2026 Q2 earnings release and webcast for Feb 5, 2026.

Pattern Detected

Recent Realtor.com data and product news have coincided with relatively modest single‑day moves, with no strong pattern of outsized reactions.

Recent Company History

Over the past few weeks, NWS has issued several Realtor.com®-related updates and corporate notices. Data reports on HOA fees and luxury housing in late January 2026 coincided with small negative moves around -0.3% to -0.6%. A product launch for Realtor.com®+™ on Jan 21, 2026 and an earnings date announcement on Jan 20, 2026 each saw modest positive reactions of about +0.53%. Overall, informational housing-market releases and platform enhancements have generally produced contained price responses.

Market Pulse Summary

This announcement provides a detailed snapshot of U.S. housing conditions, highlighting that active ...

Analysis

This announcement provides a detailed snapshot of U.S. housing conditions, highlighting that active listings rose 10.0% year over year but remained 17.2% below 2017–2019 norms, while the national median listing price held at $399,900. For NWS, it extends Realtor.com®’s role as a data source on supply, pricing and days on market. Investors may watch how repeated insights like these support audience engagement and monetization across News Corp’s digital real-estate vertical.

Key Terms

median listing price, median days on market, pending home sales

3 terms

median listing price technical

"Metric | Jan-26 | Change over Dec. 2025 (MoM) | Change over Jan."

The median listing price is the middle asking price in a group of items or securities offered for sale — half are listed above it and half below it — calculated after you sort all listing prices from low to high. For investors it provides a clear, robust snapshot of the typical market asking level, less affected by a few very high or low listings, and helps gauge whether current offers look expensive or inexpensive compared with the broader set.

median days on market technical

"Median days on market | 78 | 5 | 5 | -3 | 19"

Median days on market is the middle value of how long listed assets (commonly homes) stay available before a sale — half sell faster, half take longer. For investors it’s a quick measure of demand and liquidity: shorter median time suggests strong buyer interest and faster turnover, while longer time can signal weak demand or pricing pressure, similar to how quickly items move on an online marketplace.

pending home sales technical

"Buyer activity also picked up in January. Pending home sales rose 1.2% year ov"

Pending home sales refer to homes that have been sold but where the transaction has not yet been finalized or closed. This measure indicates future activity in the housing market, helping investors gauge whether home buying is increasing or slowing down. Rising pending sales can suggest stronger demand, while falling figures may signal a slowdown in the market.

AI-generated analysis. Not financial advice.

Active listings rose from last year but slipped to 17.2% below 2017–2019 norms; the widest gap since last spring, as prices held steady nationally

AUSTIN, Texas, Feb. 5, 2026 /PRNewswire/ -- U.S. housing supply continued to grow this January, but the recovery lost momentum as inventory moved further away from pre-pandemic norms, according to Realtor.com^®'s January Monthly Housing Report. These trends signal renewed supply constraints even as prices remained largely flat nationwide.

Active listings increased 10.0% year over year, extending a streak of inventory gains to 27 consecutive months. However, that growth has slowed for nine straight months as seasonal trends and market momentum reverse much of the progress made in 2025. As a result, the national housing supply is now 17.2% below typical 2017–2019 levels, the widest gap since last spring, with 30 of the 50 largest U.S. metros regressing relative to pre-pandemic inventory levels since May.

"After meaningful inventory gains last year, the recovery has lost steam," said Danielle Hale, chief economist at Realtor.com^®. "Even with more homes on the market than a year ago, supply remains well below pre-pandemic levels, keeping prices firm nationally. Looking locally, the areas where inventory tightened the most are largely in the West and South, predominantly but not exclusively in markets that are fully recovered. This could foreshadow a firming of prices in markets where they were weaker last year, but it will ultimately depend on how sellers respond as we move into the selling season."

January 2026 Housing Metrics – National (*For metro stats, see table overview at end)

Metric	Jan-26	Change over Dec. 2025 (MoM)	Change over Jan. 2025 (YoY)	Change over Jan. 2019	Change over Jan. 2022
Median listing price	$399,900	0.0 %	-0.1 %	38.2 %	8.1 %
Active listings	912,696	-6.6 %	10.0 %	-17.8 %	142.1 %
New listings	329,228	41.0 %	0.7 %	-17.5 %	1.7 %
Median days on market	78	5	5	-3	19
Share of active listings with price reductions	14.3 %	1.4	-1.3	-1.7	8.2
Median List Price Per Sq.Ft.	$220	0.0 %	-1.6 %	52.4 %	11.5 %

Buyer activity also picked up in January. Pending home sales rose 1.2% year over year, marking the largest annual increase since December 2024. The improvement likely reflects mortgage rates falling to their lowest levels since 2022 in mid-January. With rates expected to run meaningfully lower during the 2026 homebuying season than last year, pending sales and new listing activity will be key indicators to watch in the months ahead.

Market momentum has largely normalized. Homes spent a median of 78 days on the market in January, five days longer than a year ago, marking the 22nd consecutive month of slower year-over-year selling times. Despite the 5 day month-over-month increase in January, homes are now selling 5 days faster than their pre-pandemic norms after pacing in line with pre-pandemic norms in July through September.

Nationally, the median list price was essentially unchanged at $399,900, while price per square foot dipped 1.6% from last year. Price cuts were slightly down year-over-year, with 14.3% of listings now offered at a discount compared to 15.6% in January 2025. Last year was defined by a high-share of listings with price cuts (around 20% from June through October) and sticky-high list prices at the median; 2026 may bring the opposite, as more sellers price down at list rather than cutting after seeing their home sit for longer than anticipated.

Where Is Inventory Growing the Most

While inventory increased in every major region in January, the gains were modest and broadly uniform, led by the West (+11.5% YoY) and Midwest (+11.0%), followed by the South (+9.4%) and Northeast (+6.8%). Nearly all of the 50 largest U.S. metros posted year-over-year inventory growth, with the largest increases in Seattle, Charlotte and Washington, D.C. Still, compared with last spring, most markets have moved further away from pre-pandemic supply levels, signaling that the peak of inventory acceleration may already be behind us.

"The coming months will be a real test for the inventory recovery and the road to affordability," said Jake Krimmel, senior economist, Realtor.com^®. "A reacceleration in listings growth alongside easing mortgage rates could bring the market into better balance and move the needle on affordability. If supply continues to drift tighter, however, lower rates may simply reignite competition and limit how much relief buyers actually feel."

Where Has Inventory Recovered the Most

While there are still major regional differences in inventory, this January the inventory recovery has regressed almost everywhere since earlier last year. Compared to May 2025, only the Midwest region has seen its inventory move closer to pre-pandemic norms (but only improving from -42.1% to -37.4%); for the South, West, and Northeast – and the national aggregate – the inventory recovery is moving in the wrong direction: closer to tight pandemic-era markets.

At the metro level, between May 2025 and January 2026, just 20 of the top 50 metros are adding inventory relative to pre-pandemic norms. Of the 28 metros below normal inventory levels in May, just three (Kansas City, Minneapolis, and Louisville) have moved meaningfully toward their typical pre-pandemic levels. 

Of the 22 markets above pre-pandemic levels in May, all but 4 regressed back toward their pre-pandemic levels. On one hand this is indicative of an inventory re-normalization in the South and West; on the other, this suggests active listings acceleration may have peaked in these markets and prices could firm up in the future.

January 2026 Housing Overview of the 50 Largest Metros

Metro	Active Listing Count YoY	New Listing Count, YoY	Median List Price	Median List Price, YoY	Median List Price Per SF, YoY	Median Days on Market, YoY (Days)	Price Reduced Share	Price Reduced Share, YoY (Percentage Points)
Atlanta-Sandy Springs-Roswell, GA	10.0 %	-4.5 %	$400,000	0.3 %	-0.5 %	6	17.0 %	-1.5
Austin-Round Rock-San Marcos, TX	12.7 %	6.5 %	$455,000	-8.0 %	-6.1 %	10	16.6 %	-3.2
Baltimore-Columbia-Towson, MD	24.1 %	16.4 %	$349,990	0.0 %	1.5 %	3	12.6 %	0.6
Birmingham, AL	10.9 %	9.4 %	$289,475	1.6 %	-0.3 %	3	15.3 %	-0.7
Boston-Cambridge-Newton, MA-NH	19.5 %	-6.4 %	$760,000	-4.9 %	0.1 %	6	10.5 %	-0.8
Buffalo-Cheektowaga, NY	4.9 %	1.4 %	$255,000	1.0 %	4.0 %	-3	5.8 %	-1.4
Charlotte-Concord-Gastonia, NC-SC	28.6 %	8.9 %	$415,000	-1.2 %	-1.7 %	12	15.4 %	-3.6
Chicago-Naperville-Elgin, IL-IN	-0.3 %	-8.8 %	$344,000	0.1 %	1.9 %	3	10.3 %	-0.8
Cincinnati, OH-KY-IN	21.0 %	24.4 %	$331,400	3.7 %	2.9 %	-2	12.5 %	-1
Cleveland, OH	7.3 %	5.6 %	$247,115	5.2 %	2.5 %	0	13.6 %	-1.6
Columbus, OH	11.7 %	7.4 %	$349,900	2.7 %	0.0 %	9	16.3 %	-1.9
Dallas-Fort Worth-Arlington, TX	6.3 %	-16.4 %	$405,000	-2.5 %	-1.8 %	3	16.4 %	-4.5
Denver-Aurora-Centennial, CO	11.1 %	9.9 %	$550,000	-3.5 %	-3.8 %	0	18.7 %	0.8
Detroit-Warren-Dearborn, MI	18.9 %	0.9 %	$235,000	-2.1 %	-0.6 %	7	13.6 %	1.7
Grand Rapids-Wyoming-Kentwood, MI	0.0 %	-14.0 %	$399,000	6.5 %	9.2 %	3	8.8 %	-5
Hartford-West Hartford-East Hartford, CT	8.6 %	-25.5 %	$424,900	4.0 %	-1.1 %	3	7.8 %	0.5
Houston-Pasadena-The Woodlands, TX	14.7 %	6.6 %	$349,900	-2.5 %	-2.3 %	5	15.2 %	-1.4
Indianapolis-Carmel-Greenwood, IN	25.4 %	18.5 %	$305,000	1.7 %	6.8 %	6	17.4 %	-1.6
Jacksonville, FL	-7.4 %	-2.5 %	$375,000	-2.6 %	-2.9 %	7	20.7 %	-3.5
Kansas City, MO-KS	17.0 %	32.9 %	$380,000	1.3 %	2.3 %	-7	10.3 %	-1.3
Las Vegas-Henderson-North Las Vegas, NV	25.4 %	2.1 %	$465,000	-0.5 %	-2.3 %	11	18.4 %	1.9
Los Angeles-Long Beach-Anaheim, CA	13.0 %	-2.8 %	$1,025,000	-5.9 %	-2.1 %	3	10.7 %	2.2
Louisville/Jefferson County, KY-IN	25.6 %	16.2 %	$299,990	-1.9 %	3.3 %	-1	14.3 %	-2.6
Memphis, TN-MS-AR	13.7 %	6.6 %	$299,900	-9.0 %	-5.8 %	4	17.7 %	-0.4
Miami-Fort Lauderdale-West Palm Beach, FL	1.3 %	-6.4 %	$500,000	-3.8 %	-2.4 %	10	16.5 %	-2.3
Milwaukee-Waukesha, WI	4.2 %	11.4 %	$364,900	0.7 %	4.7 %	8	9.9 %	-2.2
Minneapolis-St. Paul-Bloomington, MN-WI	10.2 %	-5.1 %	$404,950	-4.7 %	-1.7 %	4	10.2 %	-0.3
Nashville-Davidson--Murfreesboro--Franklin, TN	15.6 %	10.3 %	$525,000	0.0 %	0.3 %	7	13.2 %	-0.8
New York-Newark-Jersey City, NY-NJ	3.7 %	0.9 %	$749,000	-0.1 %	-2.3 %	-1	6.1 %	0.3
Oklahoma City, OK	12.1 %	-6.6 %	$314,900	0.8 %	0.1 %	7	15.9 %	-1.4
Orlando-Kissimmee-Sanford, FL	2.8 %	-2.3 %	$415,000	-1.2 %	-2.2 %	8	19.9 %	-2.4
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	7.7 %	4.6 %	$350,000	-0.6 %	0.2 %	2	11.2 %	-1.1
Phoenix-Mesa-Chandler, AZ	19.4 %	1.7 %	$489,000	-4.6 %	-2.1 %	9	25.2 %	-0.3
Pittsburgh, PA	4.2 %	4.0 %	$239,000	4.0 %	4.0 %	2	11.2 %	-1.9
Portland-Vancouver-Hillsboro, OR-WA	8.5 %	2.7 %	$575,000	-4.0 %	-2.0 %	5	23.4 %	1.3
Providence-Warwick, RI-MA	12.1 %	-12.2 %	$549,900	5.5 %	9.8 %	7	9.0 %	-4.3
Raleigh-Cary, NC	20.3 %	-15.1 %	$440,000	0.0 %	-0.7 %	3	15.6 %	0.9
Richmond, VA	5.3 %	-4.8 %	$429,139	1.9 %	2.4 %	3	9.8 %	-2
Riverside-San Bernardino-Ontario, CA	4.5 %	3.7 %	$585,000	-2.3 %	-0.6 %	4	14.8 %	0.7
Sacramento-Roseville-Folsom, CA	9.7 %	-3.1 %	$599,000	-2.6 %	-1.3 %	5	13.5 %	-0.1
St. Louis, MO-IL	10.3 %	11.4 %	$284,900	3.6 %	5.7 %	6	12.6 %	0.3
San Antonio-New Braunfels, TX	14.5 %	5.8 %	$319,990	-1.5 %	-4.1 %	7	21.3 %	0.5
San Diego-Chula Vista-Carlsbad, CA	12.3 %	-5.4 %	$899,000	-5.4 %	-4.1 %	6	13.0 %	0.2
San Francisco-Oakland-Fremont, CA	-5.6 %	-9.4 %	$859,000	-2.6 %	-3.7 %	-1	7.5 %	-0.6
San Jose-Sunnyvale-Santa Clara, CA	23.3 %	25.6 %	$1,195,000	-5.8 %	-3.3 %	-4	6.4 %	0.5
Seattle-Tacoma-Bellevue, WA	32.5 %	-0.9 %	$730,000	0.6 %	-0.2 %	15	12.8 %	1
Tampa-St. Petersburg-Clearwater, FL	9.6 %	-6.6 %	$399,727	0.7 %	0.2 %	15	24.1 %	-0.7
Tucson, AZ	13.3 %	-1.2 %	$385,000	-1.6 %	-1.0 %	4	20.7 %	2.2
Virginia Beach-Chesapeake-Norfolk, VA-NC	4.7 %	2.7 %	$399,900	2.7 %	1.9 %	5	13.2 %	-3.9
Washington-Arlington-Alexandria, DC-VA-MD-WV	26.8 %	9.4 %	$549,900	-4.7 %	-6.1 %	6	9.8 %	0.8

Methodology
Realtor.com housing data as of January 2026. Listings include the active inventory of existing single-family homes and condos/townhomes/row homes/co-ops for the given level of geography on Realtor.com; new construction is excluded unless listed via an MLS that provides listing data to Realtor.com. Realtor.com data history goes back to July 2016. The 50 largest U.S. metropolitan areas as defined by the Office of Management and Budget (OMB-202301) and Claritas 2025 estimates of household counts.

Beginning with our April 2025 report, we have transitioned to a revised national pending home sales data series that applies enhanced cleaning methods to improve consistency and accuracy over time. While the insights and commentary in this report reflect the new series, the downloadable data remains based on our legacy automated pipeline. As a result, there may be slight differences between the report figures and those in the national download file as we transition.

With the release of its January 2025 housing trends report, Realtor.com^® has restated data points for some previous months. As a result of these changes, some of the data released since January 2025 will not be directly comparable with previous data releases (files downloaded before January 2025) and Realtor.com® economics research reports. 

About Realtor.com^®
Realtor.com^® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com^® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com^® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.

Media contact: Mallory Micetich, press@realtor.com

View original content:https://www.prnewswire.com/news-releases/inventory-gains-slow-down-in-january-realtorcom-monthly-housing-report-302679357.html

SOURCE Realtor.com

FAQ

What did Realtor.com report about U.S. inventory in January 2026 (NWS)?

Active listings rose 10.0% year‑over‑year in January 2026, continuing a 27‑month gain streak. According to Realtor.com, national supply has nevertheless slipped to 17.2% below 2017–2019 norms, the widest gap since last spring, indicating a slowing recovery.

How did median list price and price per square foot move in January 2026 for NWS?

The national median list price was essentially unchanged at $399,900 in January 2026. According to Realtor.com, price per square foot fell 1.6% year‑over‑year, showing modest downward pressure amid uneven inventory trends.

What does slower inventory recovery mean for housing markets and NWS investors?

A slowing inventory recovery could tighten supply and support prices in some metros near the selling season. According to Realtor.com, tighter supply relative to pre‑pandemic norms may limit affordability and influence local price trends and transaction volumes.

Which U.S. regions and metros saw the largest inventory gains in January 2026 (NWS)?

Inventory gains were led by the West (+11.5% YoY) and Midwest (+11.0% YoY), with Seattle, Charlotte and Washington, D.C. among top metro increases. According to Realtor.com, most large metros still remain below pre‑pandemic inventory levels.

Did buyer activity change in January 2026 and how might that affect NWS trends?

Pending home sales rose 1.2% year‑over‑year in January 2026, the largest annual increase since December 2024. According to Realtor.com, falling mortgage rates in mid‑January likely aided demand, making new listings and pending sales key indicators to watch.